WASHINGTON, Oct 22 (Reuters) - The number of Americans filing new claims for unemployment benefits dropped to near 57-year lows last week amid low layoffs, suggesting job growth picked up in October after September's underwhelming performance. The weekly jobless claims report from the Labor Department on Thursday, the most timely data on the economy's health, continued to show no material stress in the labor market from the oil price shock stemming from the US-Israeli war with Iran. Economists say strong growth in profits amid robust domestic demand, and a smaller workforce against the backdrop of retirements and an immigration crackdown by the Trump administration, were shielding workers from layoffs.
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